As per a report by a market research institution, P&S Intelligence the product lifecycle management market was valued at USD 31,655 million in 2022, and it is expected to reach a value of USD 59,466 million, growing at a rate of 8.20%, by 2030.
The growth in the industry is
driven by the growing need for product design & innovation platforms,
advancements in technology in additive manufacturing and augmented reality, and
the increasing need for product smart management at manufacturing
sites.
Moreover, the COVID-19
pandemic had a positive impact on the growth of the product lifecycle management industry.
This is ascribed to the significant increase in the implementation of
cloud-based technology to ensure the continuity of business in the remote
working model.
Additionally, the growing
demand for smart and scalability information technology applications in various
sectors, for example, electronics and automotive, will boost lifecycle
management-based service and solution demand.
The implementation of machine
learning with product lifecycle management software provides the consumer with
better-insightful knowledge from the data collected over years in a specific
product.
In 2022, a significant share
of the product lifecycle management
industry was held by the software category. This is because management software
offers organizations to manage the large information generated over the product
lifecycle in a cost-effective and well-organized method.
In 2022, the cloud category
accounted for the larger product lifecycle management market share,
of 72%. This is because cloud-based product lifecycle management allows
consumers to access the lifecycle management data of products securely from any
place, on any electronic device, and at any time.
As a result of the benefits
offered by cloud deployment such as flexibility, control, scalability, and
security, it has become the ideal deployment mode for lifecycle management
software. Cloud deployment mode also benefits in eliminating the main
challenges of updating, customization, and execution.
In 2022, North America
accounted for the largest product lifecycle management industry share, at 37%.
This is because of the heavy investments and high adoption rates for new
technologies in the U.S. and Canada.
Furthermore, the strong
economic position of the region supports businesses in investing in IoT,
augmented reality, additive manufacturing, and enhance telecommunication
technologies, for effective operations of business.
Additionally, APAC is likely
to witness significant growth over this decade, of approximately 9%, because of
the extensive digitization of the processes in various industries, mainly in
China and India.
Hence, with the increasing
requirement for smart management of products in additive manufacturing &
augmented reality and the rising need for product design and innovation
platforms, the product lifecycle management industry will continue its growth
in the years to come.
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